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Source: Live Mint Credit cardholders and loan borrowers need to ensure the repayment is made before or by the due date. Timely payments help in maintaining and/or improving the credit score. A good credit score is important for getting new credit cards and loans. While processing new credit applications, banks look at the applicant’s past…
Source: Live Mint Celebrating your birthday in style and with a lot of enthusiasm is exciting but swiping your credit card to fund the same might not be the smartest move. While credit cards do provide instant gratification, they also carry the risk of high interest, rising debt, and credit score damage that can linger…
Source: Live Mint ‘Zero cost EMI’, ‘Buy now, pay later’ and ‘Instant loan in 5 minutes’ – walk into any Indian e-commerce app or fintech lending platform today, and you’ll find these tempting offers staring back. What once was a rare financial tool has now become a lifestyle — and a trap. India is in…
Source: Live Mint In emergencies, expected needs, or life changing events, a personal loan can be a lifesaver. The real challenge is having a plan to track repayments efficiently and on time, after you receive your money. Poor personal loan management can lead to financial stress accumulation, credit score drops, and growing debt. Here are…
Source: Live Mint Credit bureaus are increasingly vigilant about identifying “credit-hungry” consumers, signalling this behaviour through frequent loan applications or hard inquiries. This can influence your credit score and lender behaviour significantly. What triggers the ‘credit hunger’ flag? Credit bureaus monitor hard enquiries, applications for loans or credit cards. Multiple hard inquiries within a short…
Source: Live Mint Household debt is continuing to climb in the country and the defaults in the retail segment are also rising. Keeping these factors in mind, missing out on your personal loan EMI is a serious financial misstep. To combat the same challenge the Reserve Bank of India (RBI) has urged borrowers to stay…
Source: Live Mint Being a bank customer, you must have received communication from various channels mentioning that you are pre-approved for a credit card. You must have got this communication through SMS, phone calls, WhatsApp messages, emails, mobile app notifications, and even your net banking. In this article, we will discuss what are these pre-approved…
Source: Live Mint As more borrowers in the country become credit conscious and monitor their credit scores, myths and speculations about what truly influences creditworthiness continue to circulate. Today as things stand due to rapid increase in personal loan defaults, credit awareness is at an all time high. Yet misconceptions persist, often leading to unnecessary…
Source: Live Mint A credit score of over 800 is widely admired and regarded as excellent in the country. It is often associated with smooth loan approvals and lucrative interest rates. Still, numerous borrowers with stellar credit scores face loan rejections. This leaves them puzzled and frustrated. That is why it is important to understand…
Source: Live Mint You must have heard it several times that one should check one’s credit score on a regular basis. It helps you rectify any mistake which could be there on your credit report apart from keeping you stay updated of your creditworthiness. This helps you negotiate with lenders effectively at the time of…
